Whalesbook
Subscription ka bawandar, par GMP ka dar!
Om Power Transmission ke IPO mein applications toh ekdum toofani aayi hain. Subscription khatam hote hote lagbhag 3.3 times oversubscribed ho gaya. QIBs ne 3.65 times, NIIs ne toh 7.06 times kamaal dikhaya, aur retail investors ne bhi 1.54 times paisa lagaya.
Par asal twist toh Grey Market Premium (GMP) mein hai. Jab IPO khula tha tab ₹175 ke issue price par 0.86% matlab ₹1.5 ka premium mil raha tha. Lekin ab yeh gir kar ₹1.00 par aa gaya hai. Iska matlab hai ki grey market ko lagta hai listing price issue price ke aas-paas hi rahegi, matlab listing mein koi bada jump expect nahi hai, despite itni achi subscription.
Company ki growth aur order book kitni strong?
Yeh company power transmission infrastructure mein EPC ka kaam karti hai aur iski performance acchi rahi hai. FY2023 mein ₹120.24 crore ka revenue tha, jo FY2025 mein badh kar ₹279.44 crore ho gaya. Profit After Tax (PAT) bhi ₹6.23 crore se ₹22.08 crore tak pahunch gaya. Aur sabse achi baat, December 2025 tak company ka order book ₹744.60 crore ka hai, matlab aage chal kar revenue ki visibility acchi hai.
IPO ka paisa kahan jayega?
Jo ₹150 crore IPO se collect hue hain, woh company strategically use karegi. Machinery aur equipment ke liye ₹11.2 crore, debt kam karne ke liye ₹25 crore, aur long-term working capital ke liye ₹55 crore use honge. Baaki ka paisa general corporate purposes ke liye hai.
Valuation aur market ka mood
Company ka estimated post-issue P/E ratio FY2025 earnings ke hisaab se 19.5x aur 27.1x ke beech hai. Yeh iske competitors jaise Rajesh Power Services Ltd (P/E 16.38), Advait Energy Transitions Ltd (P/E 57.52), aur Viviana Power Tech Ltd (P/E 25.15) ke valuation ke aas-paas hi hai. Agar 2026 ki baat karein toh Indian IPO market mein thoda slowdown hai, market volatility aur global tensions ke karan investors thode shyana hain.
Asli risks kya hain?
Sabse badi chinta company ke working capital ki hai. December 2025 tak trade receivables ₹144.07 crore the, jisse cash flow par pressure aa sakta hai. Dusri badi risk yeh hai ki company GETCO par 71.55% revenue ke liye bahut zyada nirbhar hai. Aur December 2025 tak ₹37.38 crore ka negative cash flow bhi dikhaya hai. Profits badh toh rahe hain, par woh sustainable hain ya nahi, yeh dekhna hoga.
Aage kya hoga?
Om Power Transmission ka future is baat par depend karta hai ki woh working capital ko kitna acche se manage kar pati hai, GETCO ke alawa aur bhi customers bana pati hai, aur apne projects ko efficiently execute karti hai. IPO funds ka use accha hai, par company ko apne order book ko cash flow mein badalne ki capacity dikhani hogi. Tepid listing sentiment suggest karta hai ki listing ke baad achi performance execution par hi nirbhar karegi.